RE:RE:SO YOU WANT IMPORT CONTROLS ON FOREIGN OIL?Let's say Trump puts tariffs on imported oil. It'll protect the industry domestically but all exports (and as you've said they are the largest export) would need to be sold at the global rate. So tarriffs, while helping domestically do nothing to support the oil and gas industry as it ralates to it's largest export. Which is why OPEC has leverage to ask for North America to be part of the production limits and why they can simply dump oil in the market to try and force us to participate.
Trump will try to protect the industry but tariffs won't solve the problem. As for Trudeau he's likely waiting to see what happens in the US, given Canada's 1/10th of the US as far as comsuption his leverage is very little compared to the US. Additonally, the US has way more levers to pull outside of oil and hopefully they get what they need. Nothing different here the Canadian economy follows along the US, wiht the US leading the way. Would never happen any other way given the relative leverage of each country.
Longer term potential downside... How long do you think Americans will be willing to pay up to 2X the price to fill up there gas tanks compared to other countries in the world that will simply buy the oil at $20/barrel?
Cheers,
Keeper